BlackBerry soars 8% as Reddit-trader enthusiasm lifts growing number of stocks

• BlackBerry climbed as much as 8.2% on Tuesday as Reddit traders boosting GameStop and Bed Bath & Beyond upped their bets on the company.
• The company's shares have more than doubled in 2021 as retail traders work to build their own momentum trade.
• BlackBerry said Monday that it wasn't aware of "any material, undisclosed corporate developments" that could rationally fuel its rally.
• Watch BlackBerry trade live here.

BlackBerry leaped as much as 8.2% on Tuesday as the company joined GameStop and Bed Bath & Beyond as Reddit traders' favorite momentum trades.

The security software company has surged in recent sessions as online posts urging investors to buy shares spur new interest in the stock. Members of the WallStreetBets subreddit shared outsized bets on BlackBerry and united around the desire to collectively profit.

"All in BB $486k 40,000 shares," user Aordex96 claimed on January 19 with a screenshot of their new position. "I'm doing my part." So far, the trade has worked out. Shares gained 28% in Monday's session alone and currently sit 180% higher year-to-date.

Trading volume has also soared. More than 350 million shares traded hands on Monday, more than triple the company's 10-day average volume.

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Shares surged at the start of Tuesday trading before briefly sliding into an intraday loss. The stock now trades up about 3% from Monday's close.

BlackBerry's frothy price action prompted the Investment Industry Regulatory Organization of Canada on Monday to request a comment on why shares had climbed so quickly. BlackBerry confirmed it wasn't aware of "any material, undisclosed corporate developments," and that no change in its business that hadn't been publicly announced could account for its surging stock price. Despite its massive year-to-date gains, BlackBerry still plays second fiddle to Reddit's new favorite stock. Retail traders have spent weeks piling into GameStop, sending shares to record highs at a pace that's left Wall Street and short-sellers in the dust. The video-game retailer soared as much as 145% on Monday, then briefly turned negative before closing about 18% higher.

Tuesday's premarket moves signal the WallStreetBets momentum trade is only gaining more strength through the end of the month. And with short-sellers likely feeling pressure to cover their bets, Reddit users continue to beg each other to hold their positions or, better yet, double down.

BlackBerry closed at $18.03 on Monday. The company has four "hold" ratings from analysts.

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